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US – ‘Solid’ results reported from Nevada Gold & Casinos

By - 3 January 2014

Whilst revenue fell 0.2 per cent to US$16.34m, Nevada Gold & Casinos also reported a second-quarter profit of $220,757, compared with a loss of $819,008 a year earlier.

The operator, who runs casinos in Washington and South Dakota, posted EBITDA of $1.4m for the three months up to October 31, an increase on the $1.3m for the second quarter last year.

Nevada Gold & Casinos’ President and Chief Executive Officer Michael Shaunnessy said: “We delivered solid results for the second quarter in a difficult revenue environment, and are now moving into the two stronger quarters for our Washington operations. In this challenging revenue environment we are focusing on the cost side of our business to maintain margins while continuing to explore new revenue opportunities. Not only did we significantly reduce our borrowing rate from an all-in effective rate of 12 per cent down to 6.5 per cent, the revolver also provides us with some cash management flexibility. We are actively searching for new properties and management contracts that fit Nevada Gold & Casinos’ investment parameters and enhance shareholder value.”

Mr. Shaunnessy said there was a ‘significant rebound in our Washington operations from the difficult first quarter’ where second quarter revenues came in at $13.4m, up by $400,000 from the same period a year earlier.

In South Dakota, GGR reached $2.9m, down 13 per cent from the previous year. “The South Dakota gaming market experienced an eight per cent decline during that same period, and our results reflect the market, as well as our previously announced reduction in units,” Mr. Shaunnessy explained.

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